Saudi Arabian oil company Aramco reported a 22% drop in second-quarter profit on Tuesday, and the world's top oil exporter said it was cutting costs and looking to divest assets as crude prices drop and its debt mounts.

Aramco has increasingly tapped debt markets, with two issuances totalling $9 billion in the second half of 2024 and a three-part bond sale of $5 billion this year. The company's gearing ratio went up to 6.5% as of June 30, 2025, compared to 5.3% as at March 31, 2025.

Aramco pumped more oil but lower prices hurt its top line as crude on average fell to $66.7 a barrel from $76.3 earlier this year.

Saudi Aramco’s profits have plunged in Q2 as lower oil prices dragged down company's revenue and stunted its growth.

Saudi Aramco reported $29.1 billion in net profit for the second quarter, a dip of 3% from the same period last year as production volumes remained low.